Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006 (170 of 2006)

Schedule 1   Amendments

Part 1   Amendments

Financial Transaction Reports Act 1988

101   After subsection 21A(1)

Insert:

(1A) This section does not apply to an individual who wishes to open an account if the account is opened after the commencement of Division 1 of Part 2 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service.

(1B) This section does not apply to an individual who wishes to become a signatory to an account with an identifying cash dealer in a name by which the individual intends to be commonly known if:

(a) the individual wishes to become a signatory to the account in that name after the commencement of Division 1 of Part 2 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006; and

(b) either:

(i) the account is opened after the commencement of Division 1 of Part 2 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 in circumstances that amount to the provision of a designated service; or

(ii) the account was opened before the commencement of that Division in circumstances that would have amounted to the provision of a designated service if all the provisions of Parts 1 and 2 of that Act had been in force at the relevant time.